The premium of bunker fuel in Istanbul, Turkey, over its equivalent in Piraeus, Greece, has hit the highest in a month on stronger-than-expected demand in the Turkish port.
S&P Global assessed 380 CST fuel oil at Istanbul at $330/mt delivered Monday, $10/mt higher than Piraeus and the highest since $11/mt on August 3. Buying in Istanbul beat expectations, sources said. “Demand is good for a holiday,” a supplier said.
Monday was the fourth day of the Kurban Bayrami festival.
The premium of bunker fuel at Istanbul over regional benchmark high sulfur CIF Med cargoes was $12.50/mt Friday, the lowest since October 10, 2016. By Monday it had jumped to $23.75/mt.
Demand at Piraeus was heard moderate Monday. “It’s a normal day, not busy or quiet,” a supplier said.